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by Will Purcell

The diamond and specialty minerals stocks box score for Wednesday was a bleak 51-133-136 as the TSX Venture Exchange fell 10 points to 611. Chuck Fipke and Chad Ulansky's Metalex Ventures Ltd. (MTX) closed unchanged at three cents on 89,000 shares.

With the fire situation abating, Metalex has returned to work at its property in the James Bay district of Quebec. Now, it is boosting the scale of its proposed financing, looking to sell 10.3 million flow-through shares at five cents for $515,000. Two weeks ago, Metalex was offering seven million shares for $350,000. The cash is destined for the A5 project in Quebec, the only meaningfully active play among several mothballed prospects on the company's books.

The drilling, first launched in early June but quickly halted because of government bans triggered by the rampant wildfires across much of the province, is again under way. Metalex looks to test five geophysical targets identified by airborne electromagnetic surveying. These anomalies are a "potential source of the highly anomalous ilmenite counts and gold values found down ice in heavy mineral samples," cheers Mr. Ulansky, president, chief executive officer and long-time associate of Mr. Fipke, the company's founder and chairman.

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